Facebook scams are costing Brits dearly, with experts now warning that two-thirds of purchase frauds are now being committed on the platform. Millions of pounds have been lost to scammers as people are tricked into paying for goods and services that don’t exist. TSB has issued a warning ahead of Black Friday and Christmas following research that revealed that Facebook accounted for 67% of all purchase fraud losses by volume and 59% by value.
This was followed by Instagram, which accounted for sixteen per cent of purchase fraud by volume, and almost a third (29%) by value. Purchase fraud accounts for over half (55%) of all fraud cases at TSB , and the bank has seen social media sites driving up scam cases for consumers. It could be posted in groups where scammers request deposits for pets that don’t exist, electronic devices such as game consoles, mobile phones and other devices.
This often increases around Christmas time for the 'must have' gifts each year. Another regular scam sees criminals requesting payment for courier services or insurance when buying and selling online. Recommended Reading: Streamflation: How much are you paying for your streaming services? Cold caller phrases that should raise alarm bells revealed Pensioners urged to be vigilant over 'malicious' Winter Fuel Payment scam Some also use cloned websites with slight changes to the URL to trick users into thinking they’re purchasing from a genuine site.
UK Finance data shows that £42 million was lost .